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	Funds

	Semi-Annual Report
	August 31, 2007

	ING Global Advantage and
	Premium Opportunity Fund

	E-Delivery Sign-up – details inside

	This report is submitted for general information to shareholders of the ING Funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully.

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President’s Letter		1
Market Perspective		2
Portfolio Managers’ Report		4
Statement of Assets and Liabilities		6
Statement of Operations		7
Statements of Changes in Net Assets		8
Financial Highlights		9
Notes to Financial Statements		10
Portfolio of Investments		18
Shareholder Meeting Information		27
Additional Information		28
EX-99.CERT
EX-99.906 CERT

	Go Paperless with E-Delivery!
	Sign up now for on-line prospectuses, fund reports, and proxy statements. In less than five minutes, you can help reduce paper mail and lower fund costs.

Just go to www.ingfunds.com, click on the E-Delivery icon from the home page, follow the directions and complete the quick 5 Steps to Enroll.

You will be notified by e-mail when these communications become available on the internet. Documents that are not available on the internet will continue to be sent by mail.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the ING Funds’ website at www.ingfunds.com; and (3) on the SEC’s website at www.sec.gov. Information regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the ING Funds’ website at www.ingfunds.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330; and is available upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

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Dear Shareholder,

ING Global Advantage and Premium Opportunity Fund (the “Fund”) is a diversified, closed-end management investment company traded on the New York Stock Exchange under the symbol “IGA.” The primary objective of the Fund is to provide a high level of income, with a secondary objective of capital appreciation.

The Fund seeks to achieve its investment objectives by investing at least 80% of its managed assets in a diversified global equity portfolio and employing an option strategy of writing index call options in respect of a significant portion of its equity portfolio.

I am pleased to report that for the six months ended August 31, 2007, the Fund continued to provide you with attractive quarterly distributions generated by its global-equity strategy, coupled with its index call writing strategy. During the period, the Fund made two quarterly distributions of $0.465 per share, for a total of $0.93 per share.

Based on net asset value (“NAV”), the Fund had a total return of 3.97% for the six-month period.⁽¹⁾ This NAV return reflects a decrease in its NAV from $21.19 on February 28, 2007 to $21.10 on August 31, 2007, plus the reinvestment of $0.93 per share in distributions.

Based on its share price as August 31, 2007, the Fund provided a six-month total return of 1.00%.⁽²⁾ This share price return reflects a decrease in its share price from $21.11 on February 28, 2007 to $20.42 on August 31, 2007, plus the reinvestment of $0.93 per share in distributions.

For more information on the Fund’s performance, please read the Market Perspective and Portfolio Managers’ Report.

At ING Funds our mission is to set the standard in helping our clients manage their financial future. We seek to assist you and your financial advisor by offering a range of global investment solutions. We invite you to visit our website at www.ingfunds.com. Here you will find information on our products and services, including current market data and fund statistics on our open- and closed-end funds. You will see that we offer a broad variety of equity, fixed income and multi-asset funds that aim to fulfill a variety of investor needs.

We thank you for trusting ING Funds with your investment assets, and we look forward to serving you in the months and years ahead.

Sincerely,

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For more complete information, or to obtain a prospectus for any ING fund, please call your Investment Professional or ING Funds Distributor, LLC at (800) 992-0180 or log on to www.ingfunds.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your Investment Professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.

⁽¹⁾   Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of each period and a sale at net asset value at the end of each period and assumes reinvestment of dividends and capital gain distributions, if any, in accordance with the provisions of the dividend reinvestment plan.

⁽²⁾   Total investment return at market value measures the change in the market value of your investment assuming reinvestment of dividends and capital gain distributions, if any, in accordance with the provisions of the Fund’s dividend reinvestment plan.

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This was a tumultuous first half of the fiscal year. Global equities, represented by the Morgan Stanley Capital International World Index^SM(1) (“MSCI World Index^SM) measured in local currencies, including net reinvested dividends (“MSCI” for regions discussed below) at first slipped, then put on 10% in four months, lost it all in another month, before recovering to end up 4.2% for the six months ended August 31, 2007. In currencies, the belief that European interest rates would rise relative to U.S. rates, sent the euro to multiple new high levels against the dollar and the pound to its best level against the dollar in 26 years. The yen, after being dragged down by the “carry trade”, in which speculators borrow in yen at low interest and buy higher yielding securities in other currencies, rebounded as those trades were later unwound. For the half-year, the dollar fell 3.3%, 2.5% and 3.5% against the euro, pound and yen, respectively.

As our previous fiscal year drew to a close, hopes of an end to the slumping housing market were dashed as sub-prime mortgage defaults surged. Gloom on the housing front continued into the summer. Foreclosures in May 2007 were 90% higher than one year earlier. Housing sales were generally still receding and inventories rising to record levels. Existing home prices were reported as falling for the first time since 1991. Homebuilder confidence eroded to a 16-year low. The sub-prime dragon reared its head again in June 2007 when the investment bank, Bear Stearns, had to step in to rescue two of its hedge funds in distress over holdings in mortgage bonds. As June ended, first quarter gross domestic product (“GDP”) growth was finalized at just 0.69% annualized, the lowest since 2003.

Yet into July 2007, most observers believed the chance that sub-prime mortgage problems could trip the economy into recession was small. Federal Reserve Board Chairman Bernanke said as much himself in early June. Other measures of activity such as employment, purchasing managers’ indices and personal spending held up well.

But from mid-July a series of shocks sent investors scurrying for cover. Mr. Bernanke himself had to acknowledge on July 18, 2007, the day that another set of woeful housing statistics was released, that the sub-prime mortgage situation had “significantly deteriorated.” Within weeks, financial institutions were reporting that the sub-prime default crisis had spread to other classes of mortgage loans and the securities derived from them. Worse, it appeared that the vast asset-backed commercial paper market was in the process of seizing up globally because lenders had lost confidence in the value of the collateral. Confirmation came on August 9, 2007, from an unlikely source, when French bank BNP Paribas announced similar problems with its own U.S. mortgage-backed structured investment vehicles. Banks were by now reluctant to lend to each other and over night inter-bank interest rates soared. This caused central banks to pour billions into the inter-bank system. But by the end of August 2007, the commercial paper market was still paralyzed and shrinking and investors had lost much of their appetite for risk.

U.S. fixed income markets saw a pronounced steepening of the yield curve during the six-month period ended August 31, 2007, with the yield on the ten-year Treasury Note falling 1 basis point (0.01%) to 4.54%, having risen in June 2007 to a five-year high of 5.25%, while the yield on the three-month Bill fell exactly 100 basis points (1.00%), 81 basis points (0.81%) of it in the last three weeks as investors fled to safety.

U.S. equities, represented by the Standard & Poor’s 500^® Composite Stock Price Index⁽²⁾ (“S&P 500^® Index”) including dividends, returned 5.7% for the half-year, finally breaching its March 2000 record in May 2007. From there the index proceeded fitfully to its best level on July 19, 2007, up 10.4% since the end of February 2007. The market was cheered by year-over-year percentage profits growth of 8.6%, less than the double-digits enjoyed for 14 consecutive quarters, but much better than had been feared, and by takeover activity, much of it from private equity firms able to draw from an apparently bottomless well of liquidity. But the events described above exposed this as an illusion and on August 16, 2007, the general risk aversion that gripped investors took the index below its February 28, 2007 level. Only soothing words from Mr. Bernanke, interpreted as a September rate cut signal, allowed a partial recovery.

Internationally, the MSCI Japan^® Index⁽³⁾ fell 7.1% for the six-month period as the economic data deteriorated. GDP growth started off strongly but by August 2007 it was reported as barely positive. Unemployment remained at a nine-year low. But consumer prices and wages started falling again and continued to do so through the summer. Investors’ flight to safety led to the unwinding of carry trades,

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strengthening the yen and threatening all-important exports. The MSCI Europe ex UK^®(4) Index returned 6.2% for the six months ended August 31, 2007. From mid-March, markets rallied on high consumer and business confidence, record low unemployment, benign inflation and continuing merger and acquisition activity. But nervousness in mid-July after another interest rate increase turned the downturn into a rout as the sub-prime debacle unfolded. On August 16, 2007 some European stock indices had their biggest one-day fall in four and a half years, before a final recovery in the last two weeks. A similar situation existed in the UK where a housing boom and robust service sector had raised GDP growth to 3.0%. Stocks surged into the summer, even shrugging off a July 2007 rate increase to the highest in six years. The slide into the trough on August 16, 2007 was even more violent than in continental Europe and even after a late rebound MSCI UK^® Index⁽⁵⁾ only returned 4.4% for the half-year.

⁽²⁾ The S&P 500^® Index is an unmanaged index that measures the performance of securities of approximately 500 of the largest companies in the United States.

⁽³⁾ The MSCI Japan^® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.

⁽⁴⁾ The MSCI Europe ex UK^® Index is a free float rising adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.

⁽⁵⁾ The MSCI UK^® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.

All indices are unmanaged and investors cannot invest directly in an index.

Past performance does not guarantee future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The Fund’s performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.ingfunds.com to obtain performance data current to the most recent month end.

Market Perspective reflects the views of ING’s Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.

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ING Global Advantage and Premium Opportunity Fund’s (the “Fund”) primary investment objective is to provide a high level of income. Capital appreciation is a secondary investment objective. The Fund seeks to achieve its investment objectives by:

•	investing at least 80% of its managed assets in a diversified global equity portfolio; and
•	utilizing an integrated option writing strategy.

The Fund is managed by Paul Zemsky, Omar Aguilar, Jody I. Hrazanek, Carl Ghielen, Martin Jansen, Bas Peeters and Frank van Etten, Portfolio Managers, ING Investment Management Co. — the Sub-Adviser.

Portfolio Construction: Under normal market conditions, the Fund invests in a diversified portfolio of common stocks of companies located in a number of different countries throughout the world, normally in approximately 550 common stocks, seeking to reduce the Fund’s exposure to individual stock risk. The Fund normally invests across a broad range of countries, industries and market sectors, including investments in issuers located in countries with emerging markets.

The Fund’s weighting between U.S. and international equities

Country Allocation

depends on the Sub-Adviser’s ongoing assessment of market opportunities for the Fund. Under normal market conditions, the Fund seeks to maintain a target weighting of 60% in U.S. domestic common stocks and not less than 40% in international (ex-U.S.) common stocks.

The Fund’s Integrated Option Strategy: The option strategy of the Fund is designed to generate premiums by writing (selling) index call options on selected indices in an amount equal to approximately 60% to 100% of the value of the Fund’s holdings in common stocks.

Writing index call options involves granting the buyer the right to appreciation of the value of an index above at a particular price (the “strike price”) at a particular time. If the purchaser exercises an index call option sold by the Fund, the Fund will pay the purchaser the difference between the cash value of the index and the strike price of the option.

The Fund seeks to generate income and gains from its portfolio index call option strategy and, to a lesser extent, income from dividends on the common stocks held in the Fund’s portfolio. The extent of index call option writing activity depends upon market conditions and the Sub-Adviser’s ongoing assessment of the attractiveness of writing index call options on selected indices. Index call options are primarily written in over-the-counter markets with

Top Ten Holdings

ExxonMobil Corp.	2.4%

Bank of America Corp.	1.5%

General Electric Co.	1.5%

Procter & Gamble Co.	1.2%

Johnson & Johnson	1.2%

Chevron Corp.	1.2%

Cisco Systems, Inc.	1.0%

JPMorgan Chase & Co.	1.0%

AT&T, Inc.	1.0%

International Business Machines Corp.	0.9%

Portfolio holdings are subject to change daily.

major international banks, broker-dealers and financial institutions. The Fund may also write call options in exchange-listed option markets.

The Fund writes call options that are generally short-term (between 10 days and three months until expiration) and at- or near-the-money. The Fund typically maintains its covered call positions until expiration, but it retains the option to buy back the covered call options and sell new covered call options.

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The Fund may, and during the period has, hedged the vast majority of its foreign currency exposure by selling forward against the U.S. dollar various currencies in which its equity holdings are denominated, including the Australian Dollar, the Swiss Franc, the Euro, the Great British Pound Sterling and the Japanese Yen.

Performance: Based on its share price as of August 31, 2007, the Fund provided a six-month total return of 1.00%. This return reflects a decrease in its share price from $21.11 on February 28, 2007 to $20.42 on August 31, 2007, plus the reinvestment of $0.93 per share in distributions. Based on net asset value (“NAV”), the Fund had a total return of 3.97% for the six-month period. The Standard & Poor’s 500^® Composite Stock Price Index (“S&P 500^® Index”), the Morgan Stanley Capital International — Europe, Australasia and Far East^® Index (“MSCI EAFE^® Index”) and the Chicago Board Options Exchange (“CBOE”) BuyWrite Monthly Index returned 5.70%, 5.83% and 4.15%, respectively, for the same period. The Fund made two quarterly distributions of $0.465 per share, for a total of $0.93 per share for the six-months ended August 31, 2007. As of August 31, 2007, the Fund had 18,231,237 shares outstanding.

Market and Portfolio Review: The underlying international equity portfolio outperformed the index by a small amount. The portfolio’s regional, economic sector and industry exposures are managed within a tight band around the index. Consequently, regional and sector allocation had a neutral effect on the result. Positive results from stock selection in the materials, energy and consumer sectors offset security selection within the information technology, industrial and health care sectors.

The Fund’s domestic equity portfolio underperformed the index, mainly due to adverse selection effects in the consumer discretionary, health care and materials sectors. These results were offset partially by positive selection in the information technology and industrials sectors. Overweight positions in consumer discretionary and financial stocks detracted from value.

During the period, the option overlay strategy detracted from total return, yet reduced the volatility of returns and contributed to the Fund’s ability to pay its distributions.

The Fund wrote short maturity call options on the FTSE 100, the DJ Eurostoxx 50, the Nikkei 225 index and the S&P 500. The strike prices of the traded options mostly were close to the money for the U.S. market but generally 1.0 - 1.5% out of the money for the international markets. The expiration dates for all options averaged four to six weeks. We maintained a coverage ratio of about 60 - 65% during the period.

Index call options sold on the U.S. and international markets generally expired in the money, as the markets traded higher until the sell-off in July. Volatility moved much higher at the end of the period as turmoil emerged in the equity and credit markets.

Currency hedges detracted from performance this period as most major currencies strengthened against the U.S. dollar. The yen hedge, however, contributed slightly to performance in the first half of the period.

Outlook and Current Strategy: The recent sell-off in equities has caused an increase in volatility. While we remain fundamentally constructive on global equity markets, we believe the slowing growth outlook in the U.S. and decelerating earnings growth in the international developed markets may increase volatility in the near term. We expect volatility to remain elevated although below the recent highs. Premiums continue to be adequate given the higher implied volatilities, and we thus can lower our coverage ratio to 60%. We continue to earn an attractive level of call premium even at the lower coverage ratio.

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ASSETS:
Investments in securities at value*				$	381,453,049
Short-term investments in affiliates at amortized cost					3,300,000
Short-term investments at amortized cost					352,000
Cash					1,328,246
Cash collateral for futures					154,000
Foreign currencies at value**					34,309
Receivables:
	Investment securities sold				148,861
	Dividends and interest				932,913
	Variation margin				41,709
Unrealized appreciation on forward foreign currency contracts					975,558
Prepaid expenses					1,084
		Total assets			388,721,729
LIABILITIES:
Unrealized depreciation on forward foreign currency contracts					946,889
Payable to affiliates					151,692
Payable for trustee fees					7,326
Other accrued expenses and liabilities					185,561
Options written***					2,737,098
		Total liabilities			4,028,566
NET ASSETS (equivalent to $21.10 per share on 18,231,237 shares outstanding)				$	384,693,163
NET ASSETS WERE COMPRISED OF:
Paid-in capital — shares of beneficial interest at $0.01 par value (unlimited shares authorized)				$	342,778,231
Accumulated distributions in excess of net investment income					(17,481,637	)
Accumulated net realized gain on investments, foreign currency related transactions, futures and written options					48,488,981
Net unrealized appreciation on investments, foreign currency related transactions, futures and written options					10,907,588
NET ASSETS				$	384,693,163
* Cost of investments in securities				$	372,657,173
** Cost of foreign currencies				$	34,498
*** Premiums received for options written				$	4,931,807

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INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*			$	5,378,180
Interest(1)				130,865
	Total investment income			5,509,045
EXPENSES:
Investment management fees				1,480,116
Transfer agent fees				9,200
Administrative service fees				197,347
Shareholder reporting expense				41,041
Professional fees				53,040
Custody and accounting expense				74,240
Trustee fees				4,640
Miscellaneous expense				31,673
	Total expenses			1,891,297
	Net waived and reimbursed fees			(823	)
	Net expenses			1,890,474
Net investment income				3,618,571
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS, FUTURES AND WRITTEN OPTIONS:
Net realized gain (loss) on:
	Investments			37,934,354
	Foreign currency related transactions			(4,882,781	)
	Futures and written options			584,523
Net realized gain on investments, foreign currency related transactions, futures, and written options				33,636,096
Net change in unrealized appreciation or depreciation on:
	Investments			(23,768,924	)
	Foreign currency related transactions			1,838,676
	Futures and written options			(124,175	)
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, futures and written options				(22,054,423	)
Net realized and unrealized gain on investments, foreign currency related transactions, futures and written options				11,581,673
Increase in net assets resulting from operations			$	15,200,244
* Foreign taxes withheld			$	355,993
(1) Affiliated income			$	70,648

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		Six Months
		Ended				Year Ended
		August 31,				February 28,
		2007				2007
FROM OPERATIONS:
Net investment income		$	3,618,571			$	4,789,600
Net realized gain on investments, foreign currency related transactions, futures and written options			33,636,096				36,310,154
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, futures and written options			(22,054,423	)			9,888,526
Net increase in net assets resulting from operations			15,200,244				50,988,280
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income			(2,848,710	)			(812,038	)
Net realized gains			(14,054,878	)			(27,768,469	)
Tax return of capital			—				(5,048,487	)
Total distributions			(16,933,588	)			(33,628,994	)
FROM CAPITAL SHARE TRANSACTIONS:
Dividends reinvested			993,717				2,700,001
Net increase in net assets resulting from capital share transactions			993,717				2,700,001
Net increase (decrease) in net assets			(739,627	)			20,059,287
NET ASSETS:
Beginning of period			385,432,790				365,373,503
End of period		$	384,693,163			$	385,432,790
Accumulated distribution in excess of net investment income at end of period		$	(17,481,637	)		$	(4,166,620	)

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Selected data for a share of beneficial interest outstanding throughout each period.

				Six Months				Year				October 31,
				Ended				Ended				2005(1) to
				August 31,				February 28,				February 28,
				2007				2007				2006
Per Share Operating Performance:
Net asset value, beginning of period		$			21.19				20.24				19.06	(2)
Income from investment operations:
Net investment income		$			0.20				0.26				0.06	*
Net realized and unrealized gain on investments		$			0.64				2.55				1.28
Total from investment operations		$			0.84				2.81				1.34
Less distributions from:
Net investment income		$			0.16				0.04				0.16
Net realized gains on investments		$			0.77				1.54				—
Tax return of capital		$			—				0.28				—
Total distributions		$			0.93				1.86				0.16
Net asset value, end of period		$			21.10				21.19				20.24
Market value, end of period		$			20.42				21.11				18.61
Total investment return at net asset value(3)		%			3.97				14.81				7.08
Total investment return at market value(4)		%			1.00				24.40				(6.17	)
Ratios and Supplemental Data:
Net assets, end of period (millions)		$			385				385				365
Ratios to average net assets:
Gross expenses prior to expense reimbursement(5)		%			0.96				0.95				1.06
Net expenses after expense reimbursement(5)(6)		%			0.96				0.95				1.00
Net investment income after expense reimbursement (5)(6)		%			1.84				1.29				0.86
Portfolio turnover rate		%			87				132				41

⁽¹⁾ Commencement of operations.

⁽²⁾ Net asset value at beginning of period reflects the deduction of the sales load of $0.90 per share and offering costs of $0.04 per share paid by the shareholder from the $20.00 offering price.

⁽³⁾ Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of each period and a sale at net asset value at the end of each period and assumes reinvestment of dividends and capital gain distributions, if any, in accordance with the provisions of the dividend reinvestment plan. Total investment return at net asset value is not annualized for periods less than one year.

⁽⁴⁾ Total investment return at market value measures the change in the market value of your investment assuming reinvestment of dividends and capital gain distributions, if any, in accordance with the provisions of the Fund’s dividend reinvestment plan. Total investment return at market value is not annualized for periods less than one year.

⁽⁵⁾ Annualized for periods less than one year.

⁽⁶⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by ING Investments, LLC within three years of being incurred.

*  Calculated using average number of shares outstanding throughout the period.

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NOTE 1 — ORGANIZATION

ING Global Advantage and Premium Opportunity Fund (the “Fund”) is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is organized as a Delaware statutory trust. The primary investment objective for the Fund is to provide a high level of income. Capital appreciation is a secondary investment objective. The Fund seeks to achieve its investment objectives by investing in a portfolio of global common stocks and utilizing an integrated options writing strategy.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements, and such policies are in conformity with U.S. generally accepted accounting principles for investment companies.

A.	Security Valuation. Investments in equity securities traded on a national securities exchange are valued at the last reported sale price. Securities reported by NASDAQ are valued at the NASDAQ official closing prices. Securities traded on an exchange or NASDAQ for which there has been no sale and equity securities traded in the over-the-counter-market are valued at the mean between the last reported bid and ask prices. All investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities are valued at prices obtained from independent services or from one or more dealers making markets in the securities and may be adjusted based on the Fund’s valuation procedures. U.S. government obligations are valued by using market quotations or independent pricing services which use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics.
	Securities and assets for which market quotations are not readily available (which may include certain restricted securities that are subject to limitations as to their sale) are valued at their fair values as determined in good faith by or under the supervision of the Fund’s Board of Trustees (“Board”), in accordance with methods that are specifically authorized by the Board. Securities traded on exchanges, including foreign exchanges, which close earlier than the time that the Fund calculates its net asset value (“NAV”) may also be valued at their fair values as determined in good faith by or under the supervision of the Fund’s Board, in accordance with methods that are specifically authorized by the Board. The value of a foreign security traded on an exchange outside the United States is generally based on its price on the principal foreign exchange where it trades as of the time the Fund determines its NAV or if the foreign exchange closes prior to the time the Fund determines its NAV, the most recent closing price of the foreign security on its principal exchange. Trading in certain non-U.S. securities may not take place on all days on which the NYSE Euronext (“NYSE”) is open. Further, trading takes place in various foreign markets on days on which the NYSE is not open. Consequently, the calculation of the Fund’s NAV may not take place contemporaneously with the determination of the prices of securities held by the Fund in foreign securities markets. Further, the value of the Fund’s assets may be significantly affected by foreign trading on days when a shareholder cannot purchase or redeem shares of the Fund. In calculating the Fund’s NAV, foreign securities denominated in foreign currency are converted to U.S. dollar equivalents. If an event occurs after the time at which the market for foreign securities held by the Fund closes but before the time that the Fund’s NAV is calculated, such event may cause the closing price on the foreign exchange to not represent a readily available reliable market value quotation for such securities at the time the Fund determines its NAV. In such a case, the Fund will use the fair value of such securities as determined under the Fund’s valuation procedures. Events after the close of trading on a foreign market that could require the Fund to fair value some or all of its foreign securities include, among others, securities trading in the U.S. and other markets, corporate announcements, natural and other disasters, and political and other events. Among other elements of analysis in the determination of a security’s fair value, the Board has authorized the use of one or more independent research services to assist with such determinations. An independent research service may use statistical analyses and quantitative

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	models to help determine fair value as of the time the Fund calculates its NAV. There can be no assurance that such models accurately reflect the behavior of the applicable markets or the effect of the behavior of such markets on the fair value of securities, or that such markets will continue to behave in a fashion that is consistent with such models. Unlike the closing price of a security on an exchange, fair value determinations employ elements of judgment. Consequently, the fair value assigned to a security may not represent the actual value that the Fund could obtain if it were to sell the security at the time of the close of the NYSE. Pursuant to procedures adopted by the Board, the Fund is not obligated to use the fair valuations suggested by any research service, and valuation recommendations provided by such research services may be overridden if other events have occurred or if other fair valuations are determined in good faith to be more accurate. Unless an event is such that it causes the Fund to determine that the closing prices for one or more securities do not represent readily available reliable market value quotations at the time the Fund determines its NAV, events that occur between the time of the close of the foreign market on which they are traded and the close of regular trading on the NYSE will not be reflected in the Fund’s NAV. Investments in securities maturing in 60 days or less are valued at amortized cost, which, when combined with accrued interest, approximates market value.
	Options that are traded over-the-counter will be valued using one of three methods: (1) dealer quotes; (2) industry models with objective inputs; or (3) by using a benchmark arrived at by comparing prior-day dealer quotes with the corresponding change in the underlying security. Exchange traded options will be valued using the last reported sale. If no last sale is reported, exchange traded options will be valued using an industry accepted model such as “Black Scholes.” Options on currencies purchased by the Fund are valued using industry models with objective inputs.
B.	Security Transactions and Revenue Recognition. Security transactions are recorded on the trade date. Realized gains or losses on sales of investments are calculated on the identified cost basis. Interest income is recorded on the accrual basis. Premium amortization and discount accretion are determined using the effective yield method. Dividend income is recorded on the ex-dividend date, or in the case of some foreign dividends, when the information becomes available to the Fund.
C.	Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

	(1)	Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at the end of the day.
	(2)	Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at the end of the day, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at period end, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in

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	U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.
D.	Forward Foreign Currency Contracts. The Fund may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment securities. When entering into a currency forward contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and the Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the statement of assets and liabilities. Realized and unrealized gains and losses on forward foreign currency contracts are included on the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the statement of assets and liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.
E.	Distributions to Shareholders. Dividends from net investment income and net realized gains, if any, are declared and paid quarterly by the Fund. Distributions are determined annually in accordance with federal tax principles, which may differ from U.S. generally accepted accounting principles for investment companies. The Fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. Distributions are recorded on the ex-dividend date.
	The Fund intends to make regular quarterly distributions based on the past and projected performance of the Fund. The tax treatment and characterization of the Fund’s distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the call options written on its portfolio versus gains or losses on the equity securities in the portfolio. The Fund’s distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital. The final composition of the tax characteristics of the distributions cannot by determined with certainty until after the end of the year, and will be reported to shareholders at that time. The amount of quarterly distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of dividends on the common shares will change. There can be no assurance that the Fund will be able to declare a dividend in each period.
F.	Federal Income Taxes. It is the policy of the Fund to comply with subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, no federal income tax provision is required. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized or expired.
G.	Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
H.	Securities Lending. Under an agreement with The Bank of New York Mellon Corporation (“BNY”) the Fund has the option to temporarily loan up to 30% of its managed assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, the Fund has the right to use collateral to offset losses incurred. There would be potential loss to the Fund in the event the Fund is delayed or prevented from

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	exercising its right to dispose of the collateral. The Fund bears the risk of loss with respect to the investment of collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in the Fund.
I.	Options Contracts. The Fund may purchase put and call options and may write (sell) put options and covered call options. The premium received by the Fund upon the writing of a put or call option is included in the Statement of Assets and Liabilities as a liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Fund will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option or purchased put option or the purchase cost of the security for a written put option or a purchased call option is adjusted by the amount of premium received or paid. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.
J.	Repurchase Agreements. The Fund may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. The Fund will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Fund. The underlying collateral is valued daily on a mark to market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.
K.	Indemnifications. In the normal course of business, the Fund may enter into contracts that provide certain indemnifications. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

NOTE 3 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES

ING Investments, LLC (“ING Investments” or the “Investment Adviser”), an Arizona limited liability company, is the Investment Adviser of the Fund. The Fund pays the Investment Adviser for its services under the investment management agreement (“Management Agreement”), a fee, payable monthly, based on an annual rate of 0.75% of the Fund’s average daily managed assets. For the purposes of the Management Agreement, managed assets are defined as the Fund’s average daily gross asset value, minus the sum of the Fund’s accrued and unpaid dividends on any outstanding preferred shares and accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued by the Fund and the liquidation preference of any outstanding preferred shares). As of August 31, 2007, there were no preferred shares outstanding.

The Investment Adviser entered into a sub-advisory agreement (“Sub-Advisory Agreement”) with ING IM. Subject to policies as the Board or the Investment Adviser might determine, ING IM manages the Fund’s assets in accordance with the Fund’s investment objectives, policies and limitations.

Effective November 1, 2006, certain ING funds sub-advised by ING Investment Management Co. (“ING IM”) are permitted to invest end-of-day cash balances into ING Institutional Prime Money Market Fund. Investment management fees paid by the Fund will be reduced by an amount equal to the management fees paid indirectly to the ING Institutional Prime Money Market Fund with respect to assets invested by the

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Fund. For the six months ended August 31, 2007, the Fund waived $823 of such management fees. These fees are not subject to recoupment.

ING Funds Services, LLC, a Delaware limited liability company, (the “Administrator”) serves as Administrator to the Fund. The Fund pays the Administrator for its services a fee based on an annual rate of 0.10% of the Fund’s average daily managed assets. The Investment Adviser, ING IM, and the Administrator are indirect, wholly-owned subsidiaries of ING Groep N.V. (“ING Groep”). ING Groep is one of the largest financial services organizations in the world, and offers an array of banking, insurance and asset management services to both individuals and institutional investors.

The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with the Fund under which it will limit the expenses of the Fund, excluding interest, taxes, leverage expenses, and extraordinary expenses to 1.00% of average net assets. The Investment Adviser may at a later date recoup from the Fund fees waived and other expenses assumed by the Investment Adviser during the previous 36 months, but only if, after such reimbursement, the Fund’s expense ratio does not exceed the percentage described above. The Expense Limitation Agreement is contractual and shall renew automatically for one-year terms unless ING Investments or the Fund provides written notice of the termination within 90 days of the end of the then current term or upon written termination of the Management Agreement.

NOTE 4 — OTHER TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES

As of August 31, 2007, the Fund had the following amounts recorded in payable to affiliates on the accompanying Statement of Assets and Liabilities:

Accrued
Investment		Accrued
Management		Administrative
Fees		Fees		Total
$119,741		$31,951		$151,692

The Fund has adopted a Retirement Policy (“Policy”) covering all Independent Trustees of the Fund who will have served as an Independent Trustee for at least five years at the time of retirement. Benefits under this Policy are based on an annual rate as defined in the Policy agreement and are recorded as trustee fees in the financial statements.

NOTE 5 — PURCHASES AND SALES OF INVESTMENT SECURITIES

The cost of purchases and proceeds from sales of investments for the six months ended August 31, 2007, excluding short-term securities, were $341,640,141 and $359,386,691, respectively.

NOTE 6 — TRANSACTIONS IN WRITTEN OPTIONS

Written option activity for the Fund for the six months ended August 31, 2007 was as follows:

		Number of
		Contracts				Premium
Balance at 2/28/2007			326,900			$	3,839,882
Options Written			1,937,800				22,610,364
Options Expired			(899,800	)			(8,120,135	)
Options Terminated in Closing Purchase Transactions			(1,057,900	)			(13,398,304	)
Balance at 8/31/2007			307,000			$	4,931,807

NOTE 7 — CONCENTRATION OF INVESTMENT RISKS

Foreign Securities and Emerging Markets. The Fund makes significant investments in foreign securities and may invest up to 20% of its managed assets in securities issued by companies located in countries with emerging markets. Investments in foreign securities may entail risks not present in domestic investments. Since investments in securities are denominated in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, as well as from movements in currency, security value and interest rate, all of which could affect the market and/or credit risk of the investments. The risks of investing in foreign securities can be intensified in the case of investments in issuers located in countries with emerging markets.

Leverage. Although the Fund has no current intention to do so, the Fund is authorized to utilize leverage through the issuance of preferred shares and/or borrowings, including the issuance of debt securities. In the event that the Fund determines in the future to utilize investment leverage, there can be no assurance that such a leveraging strategy will be successful during any period in which it is employed.

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NOTE 8 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

		Six Months				Year
		Ended				Ended
		August 31,				February 28,
		2007				2007
Number of Shares
Dividends reinvested			46,155				130,082
Net increase in shares outstanding			46,155				130,082
$
Dividends reinvested		$	993,717			$	2,700,001
Net increase		$	993,717			$	2,700,001

NOTE 9 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as distributions of paid-in capital.

Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions in the current period will not be determined until after the Fund’s tax year-end of December 31, 2007. The tax composition of dividends and distributions as of the Fund’s most recent tax year-end was as follows:

Tax Year Ended December 31, 2006
Ordinary				Long-Term				Return
Income				Capital Gains				of Capital
	$23,422,969			$	5,157,538			$	5,048,487

The tax-basis components of distributable earnings and the expiration dates of the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of the tax year ended December 31, 2006 were:

		Post-October
Unrealized		Currency Losses
Appreciation		Deferred
$29,968,895		$	(2,473,353	)

NOTE 10 — OTHER ACCOUNTING PRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes.” This standard defines the threshold for recognizing the benefits of tax-return positions in the financial statements as “more-likely-than-not” to be sustained upon challenge by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50 percent likely to be realized. FIN 48 was effective for fiscal years beginning after December 15, 2006, with early application permitted if no interim financial statements have been issued. However, acknowledging the unique issues that FIN 48 presents for investment companies that calculate NAVs, the U.S. Securities and Exchange Commission (the “SEC”) has indicated that they would not object if a fund implements FIN 48 in its NAV calculation as late as its last NAV calculation in the first required financial statement reporting period for its fiscal year beginning after December 15, 2006. For the February year-end closed-end funds, the August 31, 2007 NAV and this semi-annual report are required to reflect the effects of FIN 48. At adoption, companies must adjust their financial statements to reflect only those tax positions that are more likely-than-not to be sustained as of the adoption date. Management of the Fund has analyzed the tax positions of the Fund. Upon adoption of FIN 48, we identified no uncertain tax positions that have not met the more likely-than-not standard.

On September 15, 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (“SFAS No. 157”), “Fair Value Measurements.” The new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. SFAS No. 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). SFAS No. 157 also stipulates that, as a market-based measurement, fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability, and establishes a fair value hierarchy that distinguishes between (a) market participant assumptions developed based on market data obtained from sources independent of the

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reporting entity (observable inputs) and (b) the reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. As of August 31, 2007, management of the Fund is currently assessing the impact, if any, that will result from adopting SFAS No. 157.

NOTE 11 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS

As discussed in earlier supplements, ING Investments, LLC (“Investments”), the adviser to the ING Funds, has reported to the Boards of Directors/ Trustees (the “Boards”) of the ING Funds that, like many U.S. financial services companies, Investments and certain of its U.S. affiliates have received informal and formal requests for information since September 2003 from various governmental and self-regulatory agencies in connection with investigations related to mutual funds and variable insurance products. Investments has advised the Boards that it and its affiliates have cooperated fully with each request.

In addition to responding to regulatory and governmental requests, Investments reported that management of U.S. affiliates of ING Groep N.V., including Investments (collectively, “ING”), on their own initiative, have conducted, through independent special counsel and a national accounting firm, an extensive internal review of trading in ING insurance, retirement, and mutual fund products. The goal of this review was to identify any instances of inappropriate trading in those products by third parties or by ING investment professionals and other ING personnel. ING’s internal review related to mutual fund trading is now substantially completed. ING has reported that, of the millions of customer relationships that ING maintains, the internal review identified several isolated arrangements allowing third parties to engage in frequent trading of mutual funds within ING’s variable insurance and mutual fund products, and identified other circumstances where frequent trading occurred, despite measures taken by ING intended to combat market timing. ING further reported that each of these arrangements has been terminated and fully disclosed to regulators. The results of the internal review were also reported to the independent members of the Boards.

Investments has advised the Boards that most of the identified arrangements were initiated prior to ING’s acquisition of the businesses in question in the U.S. Investments further reported that the companies in question did not receive special benefits in return for any of these arrangements, which have all been terminated.

Based on the internal review, Investments has advised the Boards that the identified arrangements do not represent a systemic problem in any of the companies that were involved.

Despite the extensive internal review conducted through independent special counsel and a national accounting firm, there can be no assurance that the instances of inappropriate trading reported to the Boards are the only instances of such trading respecting the ING Funds.

Investments reported to the Boards that ING is committed to conducting its business with the highest standards of ethical conduct with zero tolerance for noncompliance. Accordingly, Investments advised the Boards that ING management was disappointed that its voluntary internal review identified these situations. Viewed in the context of the breadth and magnitude of its U.S. business as a whole, ING management does not believe that ING’s acquired companies had systemic ethical or compliance issues in these areas. Nonetheless, Investments reported that given ING’s refusal to tolerate any lapses, it has taken the steps noted below, and will continue to seek opportunities to further strengthen the internal controls of its affiliates.

•	ING has agreed with the ING Funds to indemnify and hold harmless the ING Funds from all damages resulting from wrongful conduct by ING or its employees or from ING’s internal investigation, any investigations conducted by any governmental or self-regulatory agencies, litigation or other formal proceedings, including any proceedings by the SEC. Investments reported to the Boards that ING management believes that the total amount of any indemnification obligations will not be material to ING or its U.S. business.
•	ING updated its Code of Conduct for employees reinforcing its employees’ obligation to conduct personal trading activity consistent with the law, disclosed limits, and other requirements.

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Other Regulatory Matters.

The New York Attorney General (the “NYAG”) and other federal and state regulators are also conducting broad inquiries and investigations involving the insurance industry. These initiatives currently focus on, among other things, compensation and other sales incentives; potential conflicts of interest; potential anti-competitive activity; reinsurance; marketing practices (including suitability); specific product types (including group annuities and indexed annuities); fund selection for investment products and brokerage sales; and disclosure. It is likely that the scope of these industry investigations will further broaden before they conclude. ING has received formal and informal requests in connection with such investigations, and is cooperating fully with each request. In connection with one such investigation, affiliates of Investments were named in a petition for relief and cease and desist order filed by the New Hampshire Bureau of Securities Regulation (the “NH Bureau”) concerning their administration of the New Hampshire state employees deferred compensation plan.

Other federal and state regulators could initiate similar actions in this or other areas of ING’s businesses. These regulatory initiatives may result in new legislation and regulation that could significantly affect the financial services industry, including businesses in which ING is engaged. In light of these and other developments, ING continuously reviews whether modifications to its business practices are appropriate. At this time, in light of the current regulatory factors, ING U.S. is actively engaged in reviewing whether any modifications in our practices are appropriate for the future.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares, or other adverse consequences to ING Funds.

NOTE 12 — SUBSEQUENT EVENTS

Dividends: Subsequent to August 31, 2007, the Fund declared a quarterly dividend of:

Per Share		Declaration		Payable		Record
Amount		Date		Date		Date
$0.465		09/21/2007		10/15/2007		10/03/2007

The Fund estimates that distributions for the tax year commencing on January 1, 2007, and including the distributions listed above, will be comprised of approximately 13% net investment income. The remaining portion of the Fund’s quarterly distributions is estimated to come from the Fund’s covered-call option strategy, which for tax purposes, may be treated as a combination of long-term and short-term capital gains, and/or a return of capital. The tax character of the Fund’s covered-call option strategy is largely determined by movements in the underlying equity portfolio. Based on the current realized appreciation in the Fund’s underlying equity portfolio, the Fund estimates that the remaining approximately 87% of the distributions would be considered short-term capital gain.

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Shares								Value
COMMON STOCK: 97.7%
						Australia: 2.9%
	11,081					APN News & Media Ltd.		$	49,911
	11,353					BHP Billiton Ltd.			356,460
	6,390					Centro Properties Group			42,843
	82,086					CFS Retail Property Trust			159,199
	52,981					Coles Myer Ltd.			614,515
	3,651					CSL Ltd.			292,990
	193,260					CSR Ltd.			531,033
	23,335					Foster’s Group Ltd.			120,576
	335,550			**		ING Industrial Fund			735,714
	1,561					Leighton Holdings Ltd.			55,802
	9,940					Lion Nathan Ltd.			74,593
	37,782					Macquarie Airports Management Ltd.			134,424
	10,115					Macquarie Goodman Group			55,806
	414,428					Macquarie Office Trust			532,725
	178,749					Pacific Brands Ltd.			493,233
	29,140					Qantas Airways Ltd.			133,139
	15,234					Rio Tinto Ltd.			1,161,692
	38,588					Santos Ltd.			420,298
	272,127					Stockland			1,910,427
	112,800					Suncorp-Metway Ltd.			1,856,285
	34,069					Tattersall’s Ltd.			116,863
	116,348					Telstra Corp., Ltd.			417,477
	1,597					Wesfarmers Ltd.			50,397
	3,094					Westfield Group			52,981
	1,350					Woodside Petroleum Ltd.			49,867
	1,853					WorleyParsons Ltd.			58,366
	50,981					Zinifex Ltd.			699,946
									11,177,562
						Austria: 1.2%
	659					Erste Bank der Oesterreichischen Sparkassen AG			47,852
	7,492			@		Immoeast Immobilien Anlagen AG			91,815
	139,730			@		Immofinanz Immobilien Anlagen AG			1,732,086
	1,062					Oesterreichische Elektrizitaetswirtschafts AG			52,711
	11,209					Raiffeisen International Bank Holding AG			1,620,904
	14,457					Voestalpine AG			1,182,629
									4,727,997
						Belgium: 0.7%
	989					D’ieteren SA			393,620
	9,462					Fortis			347,035
	639					Groupe Bruxelles Lambert SA			75,566
	16,995					InBev NV			1,395,520
	2,660					KBC Groep NV			333,823
	335					Solvay SA			49,729
									2,595,293
						Bermuda: 0.4%
	11,900					ACE Ltd.			687,344
	8,463			@		Covidien Ltd.			337,081
	8,463					Tyco International Ltd.			373,726
									1,398,151
						China: 0.0%
	13,000					Tencent Holdings Ltd.			67,425
									67,425
						Denmark: 0.7%
	4,800					Carlsberg A/ S			646,957
	18,725					Novo-Nordisk A/ S			2,087,353
									2,734,310
						Finland: 0.6%
	64,365					Nokia OYJ			2,120,413
									2,120,413
						France: 3.2%
	716					Accor SA			61,166
	2,304					Air France-KLM			95,356
	25,915					BNP Paribas			2,720,403
	658					Bouygues SA			51,612
	2,583					Cie de Saint-Gobain			279,732
	1,346					Credit Agricole SA			50,560
	1,406					Groupe Danone			106,759
	289					Lafarge SA			44,744
	9,097					LVMH Moet Hennessy Louis Vuitton SA			1,012,581
	484					PPR			83,482
	2,706					Sanofi-Aventis			221,628
	382					Schneider Electric SA			50,506
	2,019					Scor SA			49,313
	279					Societe Generale			44,801
	9,828					Sodexho Alliance SA			645,602
	31,369					Suez SA			1,781,882
	2,723			@		Thomson			44,617
	16,797					Total SA			1,259,669
	178					Vallourec			47,350
	679					Veolia Environnement			52,211
	28,519					Vinci SA			2,022,055
	38,992					Vivendi			1,589,450
									12,315,479
						Germany: 3.0%
	1,656					Allianz AG			355,753
	9,704					BASF AG			1,285,495
	1,273					Commerzbank AG			52,336
	2,280					DaimlerChrysler AG			203,127
	18,099					Deutsche Bank AG			2,248,568
	67,700					Deutsche Post AG			1,966,356
	3,042					Deutsche Telekom AG			56,688
	2,533					E.ON AG			425,675
	4,138					Henkel KGaA — Vorzug			214,167
	1,660			@		KarstadtQuelle AG			45,747
	3,551					Merck KGaA			455,904
	3,865					Metro AG			333,138
	299					Muenchener Rueckversicherungs AG			51,769
	13,818					RWE AG			1,554,623
	4,877					Salzgitter AG			965,865
	4,317					Siemens AG			542,789
	883					ThyssenKrupp AG			51,689
	3,159					Volkswagen AG			654,148
									11,463,837
						Greece: 0.1%
	1,848					Hellenic Exchanges SA Holding Clearing Settlement and Registry			50,926
	9,036					Hellenic Telecommunications Organization SA			294,558
									345,484
						Hong Kong: 0.3%
	41,000			@		Hutchison Telecommunications International Ltd.			53,592
	5,000					Hutchison Whampoa Ltd.			49,723
	91,000					Johnson Electric Holdings			47,381
	39,500					Kingboard Chemicals Holdings			233,161
	148,000					Melco International Development			224,795
	45,000					Noble Group Ltd.			49,285
	4,000					Orient Overseas International Ltd.			43,339
	87,000					PCCW Ltd.			52,887
	62,500					Shui On Land Ltd.			66,180

18

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Table of Contents

Shares								Value
						Hong Kong (continued)
	5,000					Sun Hung Kai Properties Ltd.		$	66,673
	38,000					Techtronic Industries Co.			42,880
	13,000					Television Broadcasts Ltd.			79,388
	15,500					Yue Yuen Industrial Holdings			46,766
									1,056,050
						Ireland: 0.4%
	62,988					Allied Irish Banks PLC			1,610,357
									1,610,357
						Italy: 2.3%
	48,368			@		Banco Popolare Scarl			1,209,727
	70,125					ENI S.p.A.			2,422,232
	29,157					Finmeccanica S.p.A.			856,860
	2,140					Italcementi S.p.A.			53,065
	126,127					Parmalat S.p.A			456,428
	496,722					Telecom Italia S.p.A.			1,404,920
	23,813					Telecom Italia S.p.A. RNC			53,470
	297,526					UniCredito Italiano S.p.A.			2,555,876
									9,012,578
						Japan: 9.5%
	2,800					Aeon Co., Ltd.			38,241
	5,500					Aeon Mall Co., Ltd.			165,619
	4,000					Ajinomoto Co., Inc.			50,465
	14,000					All Nippon Airways Co., Ltd.			55,851
	10,000					Amada Co., Ltd.			107,999
	3,300					Aoyama Trading Co., Ltd.			88,920
	7,000					Asahi Kasei Corp.			52,514
	16,300					Astellas Pharma, Inc.			755,558
	54,000					Bank of Yokohama Ltd.			384,120
	24,900					Canon Sales Co., Inc.			486,516
	32,600					Canon, Inc.			1,860,791
	8,000					Chiba Bank Ltd.			64,477
	154,000					COMSYS Holdings Corp.			1,725,741
	8,000					Daicel Chemical Industries Ltd.			56,454
	7,500					Daifuku Co., Ltd.			88,133
	5,000					Daimaru, Inc.			76,172
	1,100					Daito Trust Construction Co., Ltd.			51,843
	188					East Japan Railway Co.			1,498,270
	4,100					EDION Corp.			43,399
	2,100					FamilyMart Co., Ltd.			54,057
	5,100					Fast Retailing Co., Ltd.			299,776
	13,000					Fuji Electric Holdings Co., Ltd.			56,354
	7,600					Fuji Photo Film Co., Ltd.			327,369
	15,000					Fujikura Ltd.			89,229
	9,000					Furukawa Electric Co., Ltd.			42,728
	770					Hakuhodo DY Holdings, Inc.			53,551
	1,200					Hikari Tsushin, Inc.			34,894
	9,000					Hiroshima Bank Ltd.			51,290
	18,000					Hitachi Cable Ltd.			104,857
	23,600					Hitachi Chemical Co., Ltd.			481,421
	24,900					Hitachi High-Technologies Corp.			582,423
	29,100					Honda Motor Co., Ltd.			956,458
	46					Inpex Holdings, Inc.			420,032
	9,000					Joyo Bank Ltd.			49,370
	2,700					JS Group Corp.			53,517
	7,500					Jtekt Corp.			119,165
	13,000					Kajima Corp.			54,115
	4,000					Kawasaki Kisen Kaisha Ltd.			51,452
	141					KDDI Corp.			1,087,485
	10,000					Keisei Electric Railway Co., Ltd.			54,862
	2,000					Keyence Corp.			444,047
	31,000					Kobe Steel Ltd.			112,730
	2,500					Komatsu Ltd.			76,809
	7,100					Komori Corp.			166,652
	3,500					Konica Minolta Holdings, Inc.			54,741
	41,000					Kubota Corp.			319,599
	2,100					Kyushu Electric Power Co., Inc.			56,040
	1,500					Lawson, Inc.			49,822
	53,000					Matsushita Electric Industrial Co., Ltd.			923,844
	5,000					Matsushita Electric Works Ltd.			61,078
	9,000					Meiji Dairies Corp.			50,105
	8,000					Minebea Co., Ltd.			48,816
	6,000					Mitsubishi Electric Corp.			70,357
	21,000					Mitsubishi Gas Chemical Co., Inc.			176,877
	18					Mitsubishi UFJ Financial Group, Inc.			172,554
	7,000					Mitsui Chemicals, Inc.			63,364
	2,000					Mitsui Fudosan Co., Ltd.			52,322
	101,000					Mitsui Mining & Smelting Co., Ltd.			411,437
	5,000					Mitsui OSK Lines Ltd.			73,448
	375					Mizuho Financial Group, Inc.			2,356,954
	6,000					NHK Spring Co., Ltd.			53,759
	500					Nintendo Co., Ltd.			230,136
	3,000					Nippon Electric Glass Co., Ltd.			43,607
	6,000					Nippon Shokubai Co., Ltd.			53,284
	19,000					Nippon Yusen KK			187,354
	16,000					Nishi-Nippon City Bank Ltd.			50,217
	4,900					Nissan Motor Co., Ltd.			46,809
	4,000					Nisshinbo Industries, Inc.			49,069
	1,700					Nissin Food Products Co., Ltd.			54,029
	2,700					Nomura Holdings, Inc.			47,669
	5,000					NSK Ltd.			42,837
	37					NTT DoCoMo, Inc.			56,402
	280					Obic Co., Ltd.			55,344
	4,000					Onward Kashiyama Co., Ltd.			47,342
	2,200					ORIX Corp.			467,087
	4,000					Ricoh Co., Ltd.			88,044
	2,000					Rinnai Corp.			62,295
	4,700					Sankyo Co., Ltd.			193,804
	32,000			@		Sanyo Electric Co., Ltd.			49,714
	9					Sapporo Hokuyo Holdings, Inc.			96,245
	3,600					Sega Sammy Holdings, Inc.			54,666
	20,000					Sekisui House Ltd.			260,114
	50,100					Seven & I Holdings Co., Ltd.			1,335,846
	700					Shin-Etsu Chemical Co., Ltd.			50,608
	2,100					Shinko Electric Industries			46,404
	11,000					Shinko Securities Co., Ltd.			52,357
	5,000					Shizuoka Bank Ltd.			52,302
	15,000					Showa Denko KK			54,624
	6,300					SMC Corp.			836,894
	2,200					Stanley Electric Co., Ltd.			48,078
	10,000					Sumitomo Bakelite Co., Ltd.			63,674
	14,000					Sumitomo Chemical Co., Ltd.			104,512
	7,000					Sumitomo Electric Industries Ltd.			111,254
	61,000					Sumitomo Metal Mining Co., Ltd.			1,207,037
	270					Sumitomo Mitsui Financial Group, Inc.			2,129,759
	21,000					Sumitomo Osaka Cement Co., Ltd.			51,632
	4,400					Sumitomo Rubber Industries, Inc.			48,676
	600					Sumitomo Titanium Corp.			46,939
	51,000					Sumitomo Trust & Banking Co., Ltd.			421,004
	4,000					Suruga Bank Ltd.			52,602
	2,000					Taiyo Yuden Co., Ltd.			40,063
	104,000					Tanabe Seiyaku Co., Ltd.			1,254,801
	700					TDK Corp.			59,856
	10,000					Teijin Ltd.			49,957
	9,700					THK Co., Ltd.			198,525
	21,000					Tobu Railway Co., Ltd.			94,432
	2,300					Tohoku Electric Power Co., Inc.			54,883
	1,600					Tokyo Electric Power Co., Inc.			41,964
	25,200					Tokyo Electron Ltd.			1,803,887
	290,000					Tokyo Gas Co., Ltd.			1,440,845
	8,000					Tokyu Corp.			49,889
	3,300					Toyo Seikan Kaisha Ltd.			62,722
	2,100					Toyota Boshoku Corp.			63,937
	43,500					Toyota Motor Corp.			2,519,039

19

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Table of Contents

Shares								Value
						Japan (continued)
	4,000					UNY Co., Ltd.		$	34,899
	12,200					Ushio, Inc.			237,689
	2,930					USS Co., Ltd.			197,306
	23,000					Yaskawa Electric Corp.			280,578
	48,000					Zeon Corp.			485,671
									36,392,056
						Luxembourg: 0.6%
	36,227					Arcelor Mittal			2,386,644
									2,386,644
						Netherlands: 1.9%
	2,870					Aegon NV			52,357
	2,186			@		ASML Holding NV			64,841
	42,806			@		Koninklijke Ahold NV			573,670
	6,943					Koninklijke Philips Electronics NV			274,487
	69,443					Royal Dutch Shell PLC — Class A			2,698,340
	50,678					Royal Dutch Shell PLC — Class B			1,976,202
	54,819					Unilever NV			1,679,552
									7,319,449
						New Zealand: 0.1%
	57,578					Contact Energy Ltd.			369,607
	49,340					Vector Ltd.			88,311
									457,918
						Norway: 0.3%
	1,450					Norsk Hydro ASA			53,410
	3,790			@		Petroleum Geo-Services ASA			89,039
	36,950					Statoil ASA			1,063,111
	3,000			@		Telenor ASA			55,388
	2,500			@		TGS Nopec Geophysical Co. ASA			42,841
									1,303,789
						Singapore: 0.7%
	39,000					ComfortDelgro Corp., Ltd.			50,040
	123,000					DBS Group Holdings Ltd.			1,616,540
	115,000					Neptune Orient Lines Ltd.			369,287
	26,000					Parkway Holdings Ltd.			67,694
	54,000					Singapore Press Holdings Ltd.			153,965
	66,000					United Overseas Land Ltd.			216,021
	91,000					Wing Tai Holdings Ltd.			207,833
									2,681,380
						Spain: 1.3%
	1,748					Abertis Infraestructuras SA			53,067
	197					Acciona Sa			49,439
	1,963					Acerinox SA			49,415
	827					Acs Actividades Cons Y Serv			45,517
	10,421					Banco Bilbao Vizcaya Argentaria SA			240,821
	35,696					Banco Santander Central Hispano SA			652,166
	14,461					Gas Natural SDG SA			770,973
	496					Grupo Ferrovial			43,549
	953					Iberdrola SA			52,861
	1,340					Repsol YPF SA			48,286
	125,927					Telefonica SA			3,131,519
									5,137,613
						Sweden: 1.1%
	39,400					Atlas Copco AB — Class B			626,405
	7,550					Boliden AB			159,150
	900					Hennes & Mauritz AB			50,882
	48,400					Nordea Bank AB			739,461
	5,400					Scania AB — B Shares			126,005
	1,500					Skandinaviska Enskilda Banken AB			45,449
	2,400					SKF AB — B Shares			49,175
	2,400					SSAB Svenskt Staal AB			75,706
	3,000					Svenska Cellulosa AB — B Shares			52,167
	11,200					Svenska Handelsbanken AB			312,160
	111,950					Volvo AB			1,941,473
									4,178,033
						Switzerland: 3.4%
	2,661					ABB Ltd.			65,709
	37,168					Credit Suisse Group			2,439,268
	486					Holcim Ltd.			52,698
	421					Kuoni Reisen Holding			212,765
	2,854					Nestle SA			1,243,889
	14,385					Novartis AG			758,304
	2,117			@		OC Oerlikon Corp. AG			684,638
	12,886					Roche Holding AG			2,244,676
	8,361					Schindler Holding AG			512,835
	76,287					STMicroelectronics NV			1,325,431
	926					Swatch Group AG — REG			52,183
	8,787					Swiss Reinsurance			741,377
	11,190					UBS AG — Reg			585,908
	2,864					Xstrata PLC			168,506
	7,196					Zurich Financial Services AG			2,066,694
									13,154,881
						United Kingdom: 8.8%
	59,341					3I Group PLC			1,265,548
	19,615					Aegis Group PLC			52,348
	3,993					Amvescap PLC			48,738
	3,506					Anglo American PLC			201,281
	20,662					ARM Holdings PLC			61,609
	34,096					AstraZeneca PLC			1,680,369
	3,588					Aviva PLC			51,399
	27,773					Barclays PLC			344,263
	1,789					Bellway PLC			45,964
	5,979			@		Berkeley Group Holdings PLC			194,345
	95,504					BHP Billiton PLC			2,800,631
	172,798					BP PLC			1,941,888
	120,719			@		British Airways PLC			1,036,645
	3,132					British American Tobacco PLC			103,911
	5,131					British Energy Group PLC			48,133
	257,088					BT Group PLC			1,639,532
	6,901					Carnival PLC			306,663
	146,822					Compass Group PLC			964,867
	94,290					Daily Mail & General Trust			1,293,068
	4,184					Davis Service Group PLC			49,956
	4,081					Diageo PLC			87,276
	4,196					Enterprise Inns PLC			54,697
	13,804					First Choice Holidays PLC			82,712
	27,361					FKI PLC			58,471
	6,589					GKN PLC			49,060
	40,127					GlaxoSmithKline PLC			1,047,178
	40,994					HBOS PLC			728,702
	102,706					HSBC Holdings PLC			1,857,111
	47,304					Imperial Tobacco Group PLC			2,140,574
	179,767					International Power PLC			1,469,288
	16,525					J Sainsbury PLC			184,996
	12,017					Kingfisher PLC			50,657
	6,386					Ladbrokes PLC			56,272
	572,731					Legal & General Group PLC			1,680,024
	8,535					Lloyds TSB Group PLC			93,945
	60,076					London Stock Exchange Group PLC			1,658,282
	4,090					Marks & Spencer Group PLC			51,699
	21,795					Misys PLC			101,838
	3,594					National Grid PLC			53,861
	1,321					Next PLC			51,633
	2,197					Persimmon PLC			51,445
	13,316					Premier Farnell PLC			48,999
	4,118					Punch Taverns PLC			91,577
	13,627					Rank Group PLC			46,090
	1,777					Reckitt Benckiser PLC			96,897
	3,803					Resolution PLC			47,503
	10,811					Rio Tinto PLC			746,765
	118,379			@		Rolls-Royce Group PLC			1,223,104

20

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Table of Contents

Shares								Value
						United Kingdom (continued)
	183,823					Royal Bank of Scotland Group PLC		$	2,136,053
	1,760					Scottish & Southern Energy PLC			50,432
	13,588					Smith & Nephew PLC			160,086
	6,281					SSL International PLC			56,009
	8,408					Standard Life PLC			51,045
	48,317					Tate & Lyle PLC			551,619
	7,087					Taylor Woodrow PLC			49,815
	1,857					Travis Perkins PLC			67,039
	38,636					Unilever PLC			1,220,982
	3,795					United Utilities PLC			53,037
	386,326					Vodafone Group PLC			1,248,473
	4,135					William Hill PLC			51,461
	4,075					Wolseley PLC			85,635
									33,823,500
						United States: 54.2%
	7,700					3M Co.			700,623
	14,700					Abbott Laboratories			763,077
	6,300			@		Adobe Systems, Inc.			269,325
	7,800			@		Advanced Micro Devices, Inc.			101,400
	5,400					Aetna, Inc.			274,914
	1,700			@		Affiliated Computer Services, Inc.			85,051
	3,900			@		Agilent Technologies, Inc.			141,960
	1,200					Air Products & Chemicals, Inc.			108,012
	3,100			@		Akamai Technologies, Inc.			99,882
	14,300					Alcoa, Inc.			522,379
	1,000					Allegheny Technologies, Inc.			99,390
	1,600					Allergan, Inc.			96,016
	26,000					Allstate Corp.			1,423,500
	5,900					Alltel Corp.			402,734
	34,500					Altria Group, Inc.			2,394,645
	7,300			@		Amazon.com, Inc.			583,343
	5,000					American Express Co.			293,100
	38,100					American International Group, Inc.			2,514,600
	18,100					AmerisourceBergen Corp.			866,085
	14,700			@		Amgen, Inc.			736,617
	2,100					Anadarko Petroleum Corp.			102,858
	5,600					Anheuser-Busch Cos., Inc.			276,640
	1,700			@		Apollo Group, Inc. — Class A			99,739
	13,600			@		Apple, Inc.			1,883,328
	12,700					Applied Materials, Inc.			271,272
	4,500					Archer-Daniels-Midland Co.			151,650
	8,200					Ashland, Inc.			490,278
	92,937					AT&T, Inc.			3,705,398
	10,900			@		Autodesk, Inc.			504,888
	4,600			@		Autozone, Inc.			557,934
	7,300			@		Avaya, Inc.			122,859
	3,000					Avon Products, Inc.			103,050
	2,600					Baker Hughes, Inc.			218,036
	115,500			( 1/4)		Bank of America Corp.			5,853,540
	13,581					Bank of New York Mellon Corp.			549,080
	8,200					Baxter International, Inc.			449,032
	1,300					Becton Dickinson & Co.			100,022
	6,300					Best Buy Co., Inc.			276,885
	10,200			@		Big Lots, Inc.			303,654
	4,800			@		Biogen Idec, Inc.			306,336
	7,300					Black & Decker Corp.			633,275
	18,900			@		BMC Software, Inc.			578,718
	8,300					Boeing Co.			802,610
	13,700			@		Boston Scientific Corp.			175,771
	39,900					Bristol-Myers Squibb Co.			1,163,085
	4,900			@		Broadcom Corp.			169,050
	2,100					Burlington Northern Santa Fe Corp.			170,415
	36,800					CA, Inc.			926,992
	2,900					Cardinal Health, Inc.			198,302
	2,300					Carnival Corp.			104,857
	7,000					Caterpillar, Inc.			530,390
	5,500			@		Celgene Corp.			353,155
	14,700					CenturyTel, Inc.			705,306
	2,000					CH Robinson Worldwide, Inc.			98,080
	5,400					Charles Schwab Corp.			106,920
	52,400			S		Chevron Corp.			4,598,624
	24,000					Chubb Corp.			1,227,120
	6,800					Cigna Corp.			351,424
	123,200			@		Cisco Systems, Inc.			3,932,544
	68,700			( 1/4)		Citigroup, Inc.			3,220,656
	2,800			@		Citrix Systems, Inc.			101,780
	8,300					Clear Channel Communications, Inc.			309,258
	900					Cme Group, Inc.			499,320
	17,500			@		Coach, Inc.			779,275
	20,200					Coca-Cola Co.			1,086,356
	1,900			@		Cognizant Technology Solutions Corp.			139,669
	6,400					Colgate-Palmolive Co.			424,448
	27,400			@		Comcast Corp. — Class A			714,866
	13,100					Comerica, Inc.			730,718
	10,800			@		Computer Sciences Corp.			604,260
	35,200					ConocoPhillips			2,882,528
	22,900			@		Convergys Corp.			383,575
	23,000					Corning, Inc.			537,510
	23,700					Costco Wholesale Corp.			1,463,475
	9,500					Countrywide Financial Corp.			188,575
	6,800			@		Coventry Health Care, Inc.			390,116
	2,400					CR Bard, Inc.			200,136
	3,000					CSX Corp.			123,000
	5,400					Cummins, Inc.			639,468
	17,800					CVS Caremark Corp.			673,196
	5,700			@		Dean Foods Co.			153,102
	800					Deere & Co.			108,848
	61,200			@		Dell, Inc.			1,728,900
	1,300					Devon Energy Corp.			97,903
	8,400			@		Discover Financial Services			194,376
	1,200					Dominion Resources, Inc.			102,216
	7,200					Dow Chemical Co.			306,936
	5,400					Duke Energy Corp.			99,036
	11,200			@		Dynegy, Inc. — Class A			90,608
	8,400					Eastman Kodak Co.			224,028
	12,500					Eaton Corp.			1,177,750
	15,000			@		eBay, Inc.			511,500
	2,400					Ecolab, Inc.			99,984
	32,400					Edison International			1,707,804
	2,100					EI DuPont de Nemours & Co.			102,375
	7,800					El Paso Corp.			123,786
	3,600			@		Electronic Arts, Inc.			190,584
	27,800					Electronic Data Systems Corp.			636,342
	9,400					Eli Lilly & Co.			539,090
	3,500					Embarq Corp.			218,470
	28,800			@		EMC Corp.			566,208
	1,800					ENSCO International, Inc.			97,596
	23,500					Entergy Corp.			2,435,070
	5,400					Estee Lauder Cos., Inc.			224,586
	5,500					Exelon Corp.			388,685
	107,400			( 1/4)		ExxonMobil Corp.			9,207,402
	17,400					Family Dollar Stores, Inc.			509,472
	10,700					Fannie Mae			702,027
	2,400					FedEx Corp.			263,232
	12,700					First Data Corp.			421,894
	72,300					Ford Motor Co.			564,663
	12,900			@		Forest Laboratories, Inc.			485,427
	2,200					Freddie Mac			135,542
	6,300					Freeport-McMoRan Copper & Gold, Inc.			550,746
	18,300					General Dynamics Corp.			1,437,648
	144,822					General Electric Co.			5,629,236
	31,700					General Mills, Inc.			1,771,396
	6,300					General Motors Corp.			193,662
	28,400					Genworth Financial, Inc.			823,032
	2,600			@		Genzyme Corp.			162,266
	11,700			@		Gilead Sciences, Inc.			425,529
	11,500					Goldman Sachs Group, Inc.			2,024,115
	3,300			@		Google, Inc. — Class A			1,700,325

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Shares								Value
						United States (continued)
	34,281					Halliburton Co.		$	1,185,780
	11,700					Harley-Davidson, Inc.			629,343
	1,100					Harman International Industries, Inc.			124,729
	3,100					Harrah’s Entertainment, Inc.			265,887
	12,106					Hartford Financial Services Group, Inc.			1,076,344
	1,800					Hess Corp.			110,466
	52,800					Hewlett-Packard Co.			2,605,680
	6,200					Hilton Hotels Corp.			284,890
	8,000					HJ Heinz Co.			360,720
	23,900					Home Depot, Inc.			915,609
	3,800					Honeywell International, Inc.			213,370
	5,300			@		Humana, Inc.			339,677
	9,800			@		IAC/ InterActiveCorp.			272,342
	1,900					Illinois Tool Works, Inc.			110,523
	85,800					Intel Corp.			2,209,350
	30,400			( 1/4)		International Business Machines Corp.			3,547,376
	3,000					International Game Technology			114,510
	6,000					ITT Corp.			407,940
	11,900					JC Penney Co., Inc.			818,244
	76,600			( 1/4)		Johnson & Johnson			4,733,114
	900					Johnson Controls, Inc.			101,790
	84,700					JP Morgan Chase & Co.			3,770,844
	8,300			@		Juniper Networks, Inc.			273,236
	12,900					KB Home			391,386
	6,500					Kimberly-Clark Corp.			446,485
	21,600			@		King Pharmaceuticals, Inc.			324,648
	12,800					KLA-Tencor Corp.			735,616
	8,400					Kraft Foods, Inc.			269,304
	5,900					Lehman Brothers Holdings, Inc.			323,497
	11,000			@		Lexmark International, Inc.			409,860
	17,000					Lockheed Martin Corp.			1,685,380
	15,900					Lowe’s Cos., Inc.			493,854
	3,000					Macy’s, Inc.			95,160
	26,400					Marathon Oil Corp.			1,422,696
	48,400					Masco Corp.			1,259,368
	25,000					Mattel, Inc.			540,750
	38,500					McDonald’s Corp.			1,896,125
	5,500					McGraw-Hill Cos., Inc.			277,530
	9,800					McKesson Corp.			560,658
	1,900			@		Medco Health Solutions, Inc.			162,355
	12,500					Medtronic, Inc.			660,500
	1,800			@		MEMC Electronic Materials, Inc.			110,556
	32,200					Merck & Co., Inc.			1,615,474
	13,900					Merrill Lynch & Co., Inc.			1,024,430
	27,000					Metlife, Inc.			1,729,350
	121,000					Microsoft Corp.			3,476,330
	5,300					Monsanto Co.			369,622
	27,100					Morgan Stanley			1,690,227
	28,900					Motorola, Inc.			489,855
	16,900					Mylan Laboratories			255,190
	1,500			@		National Oilwell Varco, Inc.			192,000
	8,400					National Semiconductor Corp.			221,088
	18,400			@		Network Appliance, Inc.			512,624
	7,600					Newmont Mining Corp.			321,176
	18,200					News Corp. — Class A			368,186
	3,800					Noble Corp.			186,428
	2,100					Nordstrom, Inc.			101,010
	2,700					Norfolk Southern Corp.			138,267
	22,900			@		Novell, Inc.			170,376
	12,600					Nucor Corp.			666,540
	4,000			@		Nvidia Corp.			204,640
	14,000					Occidental Petroleum Corp.			793,660
	20,100					Omnicom Group			1,023,693
	53,600			@		Oracle Corp.			1,087,008
	10,200					Paccar, Inc.			872,610
	19,600			@		Pactiv Corp.			573,300
	11,800					Parker Hannifin Corp.			1,268,146
	4,000					Peabody Energy Corp.			170,040
	19,000					Pepsi Bottling Group, Inc.			657,210
	13,800					PepsiCo, Inc.			938,814
	94,700					Pfizer, Inc.			2,352,348
	6,400					Polo Ralph Lauren Corp.			483,456
	2,200					PPG Industries, Inc.			161,370
	2,000					PPL Corp.			96,520
	1,300					Praxair, Inc.			98,358
	700					Precision Castparts Corp.			91,217
	72,600					Procter & Gamble Co.			4,741,506
	17,700					Prudential Financial, Inc.			1,589,106
	13,600					Public Service Enterprise Group, Inc.			1,155,864
	32,000					Qualcomm, Inc.			1,276,480
	57,600			@		Qwest Communications International, Inc.			515,520
	13,100					RadioShack Corp.			311,387
	29,300					Raytheon Co.			1,797,262
	39,800					Regions Financial Corp.			1,245,740
	3,100					Robert Half International, Inc.			99,014
	1,500					Rockwell Automation, Inc.			105,690
	5,700			@		Sandisk Corp.			319,542
	35,700					Schering-Plough Corp.			1,071,714
	17,500					Schlumberger Ltd.			1,688,750
	1,000			@		Sears Holding Corp.			143,560
	12,600					Sigma-Aldrich Corp.			564,480
	5,900					SLM Corp.			296,652
	8,300					Snap-On, Inc.			406,534
	29,100					Sprint Nextel Corp.			550,572
	3,400			@		St. Jude Medical, Inc.			148,138
	5,400			@		Starbucks Corp.			148,770
	1,500					State Street Corp.			92,040
	2,200					Stryker Corp.			146,960
	24,400					Sun Microsystems, Inc.			130,784
	28,000			@		Symantec Corp.			526,680
	10,200					Target Corp.			672,486
	10,100			@		Tellabs, Inc.			106,555
	1,800					Temple-Inland, Inc.			99,144
	25,800			@		Teradyne, Inc.			384,162
	1,300			@		Terex Corp.			103,844
	13,700					Texas Instruments, Inc.			469,088
	2,000			@		Thermo Electron Corp.			108,460
	34,400					Time Warner, Inc.			652,912
	9,900					TJX Cos., Inc.			301,851
	3,000			@		Transocean, Inc.			315,270
	21,600					Travelers Cos., Inc.			1,091,664
	7,900					TXU Corp.			532,460
	8,463			@		Tyco Electronics Ltd.			295,105
	1,700					Union Pacific Corp.			189,669
	14,100					United Parcel Service, Inc. — Class B			1,069,626
	4,600					United States Steel Corp.			434,608
	33,800					United Technologies Corp.			2,522,494
	28,800					UnitedHealth Group, Inc.			1,440,288
	14,800					UST, Inc.			729,344
	13,900					Valero Energy Corp.			952,289
	2,400			@		Varian Medical Systems, Inc.			96,936
	38,200					Verizon Communications, Inc.			1,599,816
	4,300			@		Viacom — Class B			169,678
	1,100					Vulcan Materials Co.			99,011
	36,800					Wachovia Corp.			1,802,464
	6,600					Walgreen Co.			297,462
	31,200					Wal-Mart Stores, Inc.			1,361,256
	64,400					Walt Disney Co.			2,163,840
	37,400					Washington Mutual, Inc.			1,373,328
	3,600					Waste Management, Inc.			135,612
	3,500			@		Weatherford International Ltd.			204,330
	8,900			@		WellPoint, Inc.			717,251
	84,800					Wells Fargo & Co.			3,098,592
	12,600					Wendy’s International, Inc.			414,414
	7,800					Western Union Co.			146,874
	5,000					Whole Foods Market, Inc.			221,300
	3,200					Williams Cos., Inc.			99,200
	8,800					Wyeth			407,440
	1,900					XTO Energy, Inc.			103,284

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Shares								Value
						United States (continued)
	15,100			@		Yahoo!, Inc.		$	343,223
	1,500			@		Zimmer Holdings, Inc.			117,495
									208,310,277
						Total Common Stock (Cost $368,093,154)			375,770,476
REAL ESTATE INVESTMENT TRUSTS: 0.5%
						France: 0.0%
	312					Gecina SA			50,985
									50,985
						United Kingdom: 0.0%
	3,833					British Land Co. PLC			100,271
									100,271
						United States: 0.5%
	3,640					Archstone-Smith Trust			214,032
	2,000					Boston Properties, Inc.			200,140
	2,500					Equity Residential			100,600
	5,000					General Growth Properties, Inc.			248,550
	2,600					Kimco Realty Corp.			111,332
	5,900					Prologis			354,944
	1,400					Public Storage, Inc.			106,092
	3,300					Simon Property Group, Inc.			313,236
									1,648,926
						Total Real Estate Investment Trusts (Cost $1,853,178)			1,800,182
PREFERRED STOCK: 1.0%
						Germany: 1.0%
	638					Porsche AG			1,140,890
	9,194					RWE AG			933,362
	14,537					Volkswagen AG			1,808,139
									3,882,391
						Total Preferred Stock (Cost $2,710,841)			3,882,391
						Total Long-Term Investments (Cost $372,657,173)			381,453,049
SHORT-TERM INVESTMENTS: 0.9%
						United States: 0.8%
	3,300,000			**,S		ING Institutional Prime Money Market Fund		$	3,300,000
						(Cost $3,300,000)			3,300,000

Principal
Amount								Value
						Repurchase Agreement: 0.1%
$	352,000					Morgan Stanley Repurchase Agreement dated 08/31/07, 5.250%, due 09/04/07, $352,205 to be received upon repurchase (Collateralized by $365,000 Federal National Mortgage Association, Discount Note, Market Value $361,971, due 10/31/07)		$	352,000
						Total Repurchase Agreement (Cost $352,000)			352,000
						Total Short-Term Investments (Cost $3,652,000)			3,652,000

				Total Investments in Securities (Cost $376,309,173)*			100.1	%		$	385,105,049
				Other Assets and Liabilities-Net			(0.1	)			(411,886	)
				Net Assets			100.0	%		$	384,693,163

@		Non-income producing security
S		All or a portion of this security is segregated for certain derivatives, when-issued or delayed delivery securities and forward currency exchange contracts.
**		Investment in affiliate
( 1/4)		All or a portion of this security is segregated as collateral for written options.
*		Cost for federal income tax purposes is $376,841,381.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation		$	24,323,195
Gross Unrealized Depreciation			(16,059,527	)
Net Unrealized Appreciation		$	8,263,668

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		Percentage of
Industry		Net Assets
Advertising			0.3	%
Aerospace/Defense			2.7
Agriculture			1.4
Airlines			0.3
Apartments			0.1
Apparel			0.4
Auto Manufacturers			2.4
Auto Parts & Equipment			0.1
Banks			11.1
Beverages			1.4
Biotechnology			0.5
Building Materials			0.7
Chemicals			1.4
Coal			0.0
Commercial Services			0.4
Computers			3.5
Cosmetics/ Personal Care			1.4
Distribution/ Wholesale			0.3
Diversified			0.0
Diversified Financial Services			5.2
Electric			3.5
Electrical Components & Equipment			0.2
Electronics			0.5
Engineering & Construction			1.1
Entertainment			0.1
Environmental Control			0.0
Food			2.4
Food Service			0.4
Forest Products & Paper			0.0
Gas			0.6
Hand/ Machine Tools			0.7
Healthcare — Products			1.9
Healthcare — Services			0.8
Holding Companies — Diversified			0.4
Home Builders			0.3
Home Furnishings			0.3
Household Products/ Wares			0.3
Insurance			4.6
Internet			1.1
Iron/ Steel			1.6
Leisure Time			0.4
Lodging			0.2
Machinery — Construction & Mining			0.3
Machinery — Diversified			0.9
Media			2.0
Metal Fabricate/ Hardware			0.1
Mining			2.5
Miscellaneous Manufacturing			2.9
Office Property			0.1
Office/ Business Equipment			0.5
Oil & Gas			8.6
Oil & Gas Services			0.9
Packaging & Containers			0.2
Pharmaceuticals			5.5
Pipelines			0.1
Real Estate			1.6
Regional Malls			0.2
Retail			4.0
Savings & Loans			0.4
Semiconductors			2.3
Shopping Centers			0.0
Software			2.0
Storage			0.0
Telecommunications			6.8
Textiles			0.0
Toys/ Games/ Hobbies			0.2
Transportation			1.7
Venture Capital			0.3
Warehouse/ Industrial			0.1
Water			0.0
Short-Term Investments			0.9
Other Assets and Liabilities — Net			(0.1	)
Net Assets			100.0	%

Written Call Options

# of								Expiration				Strike				Premiums
Contracts		Counterparty		Description				Date				Price/Rate				Received				Value
212,000		Goldman Sachs			Nikkei 225 Index				09/04/07				17,568.32 JPY			$	562,308			$	(11,164	)
6,200		Deutsche Bank, AG			Dow Jones Euro Stoxx 50				09/04/07				4,371.72 EUR				749,012				(97,424	)
3,000		Merrill Lynch			FTSE 100 Index				09/04/07				6,410.18 GBP				716,158				(100,841	)
85,800		UBS AG			S&P 500® Index				09/17/07				1,467.45 USD				2,904,329				(2,527,669	)
																$	4,931,807			$	(2,737,098	)

ING Global Advantage and Premium Opportunity Fund Open Futures Contracts on August 31, 2007

Number

Notional

Unrealized

of

Market

Expiration

Appreciation/

Contract Description

Contracts

Value ($)

Date

(Depreciation)

Long Contracts

S&P 500

8

2,953,400

09/20/07

$

(127,439

)

S&P 500

3

1,117,125

12/20/07

9,627

$

(117,812

)

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At August 31, 2007 the following forward foreign currency contracts were outstanding for the ING Global Advantage and Premium Opportunity Fund:

														In								Unrealized
										Settlement				Exchange								Appreciation/
Currency						Buy/Sell				Date				For USD				Value				(Depreciation)
Australia Dollars AUD			12,200,000				Sell				11/9/07				10,424,900			$	9,963,578			$	461,322
Switzerland Francs CHF			14,600,000				Sell				11/9/07				12,176,306				12,149,738				26,568
EURO EUR			47,900,000				Sell				11/9/07				65,634,017				65,429,122				204,895
British Pound Sterling GBP			18,500,000				Sell				11/9/07				37,529,100				37,246,327				282,773
Japanese Yen JPY			4,270,000,000				Sell				11/9/07				36,296,252				37,243,141				(946,889	)
																						$	28,669

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Supplemental Option Information

Supplemental Call Option Statistics as of August 31, 2007
% of Total Net Assets against which calls written		61%
Average Days to Expiration		7 days
Average Call Moneyness* at time written		ATM
Premium received for calls		$4,931,807 million
Value of calls		$(2,737,098) million

*

“Moneyness” is the term used to describe the relationship between the price of the underlying asset and the option’s exercise or strike price. For example, a call (buy) option is considered “in-the-money” when the value of the underlying asset exceeds the strike price. Conversely, a put (sell) option is considered “in-the-money” when its strike price exceeds the value of the underlying asset. Options are characterized for the purpose of Moneyness as, “in-the-money” (“ITM”), “out-of-the-money” (“OTM”) or “at-the-money” (“ATM”), where the underlying asset value equals the strike price.

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A special meeting of shareholders was held June 13, 2007, at the offices of ING Funds, 7337 East Doubletree Ranch Road, Scottsdale, AZ 85258.

A brief description of the matter voted upon as well as the result is outlined below:

ING Global Advantage and Premium Opportunity Fund, Class II Trustees

To elect three Class II Trustees to represent the interests of the holders of Common Shares of the Fund until the election and qualification of their successors.⁽¹⁾

										Shares voted
						Shares				against or				Shares				Total
		Proposal				voted for				withheld				abstained				Shares Voted
Class II Trustees			John V. Boyer				15,823,792.000				152,796.000				—				15,976,588.000
			Patricia W. Chadwick				15,827,338.000				149,250.000				—				15,976,588.000
			Sheryl K. Pressler				15,826,357.000				150,231.000				—				15,976,588.000
(1) The proposal passed at this meeting.

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During the period, there were no material changes in the Fund’s investment objective or policies that were not approved by the shareholders or the Fund’s charter or by-laws or in the principal risk factors associated with investment in the Fund. Effective April 27, 2007, Mary Ann Fernandez retired from ING IM.

Dividend Reinvestment Plan

Unless the registered owner of Common Shares elects to receive cash by contacting BNY (the “Plan Agent”), all dividends declared on Common Shares of the Fund will be automatically reinvested by the Plan Agent for shareholders in additional Common Shares of the Fund through the Fund’s Dividend Reinvestment Plan (the “Plan”). Shareholders who elect not to participate in the Plan will receive all dividends and other distributions in cash paid by check mailed directly to the shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by the Plan Agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Agent prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Some brokers may automatically elect to receive cash on your behalf and may re-invest that cash in additional Common Shares of the Fund for you. If you wish for all dividends declared on your Common Shares of the Fund to be automatically reinvested pursuant to the Plan, please contact your broker.

The Plan Agent will open an account for each Common Shareholder under the Plan in the same name in which such Common Shareholder’s Common Shares are registered. Whenever the Fund declares a dividend or other distribution (together, a “Dividend”) payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in Common Shares. The Common Shares will be acquired by the Plan Agent for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares from the Fund (“Newly Issued Common Shares”) or (ii) by purchase of outstanding Common Shares on the open market (“Open-Market Purchases”) on the NYSE or elsewhere. Open-market purchases and sales are usually made through a broker affiliated with the Plan Agent.

If, on the payment date for any Dividend, the closing market price plus estimated brokerage commissions per Common Share is equal to or greater than the net asset value per Common Share, the Plan Agent will invest the Dividend amount in Newly Issued Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant’s account will be determined by dividing the dollar amount of the Dividend by the net asset value per Common Share on the payment date; provided that, if the net asset value is less than or equal to 95% of the closing market value on the payment date, the dollar amount of the Dividend will be divided by 95% of the closing market price per Common Share on the payment date. If, on the payment date for any Dividend, the net asset value per Common Share is greater than the closing market value plus estimated brokerage commissions, the Plan Agent will invest the Dividend amount in Common Shares acquired on behalf of the participants in Open-Market Purchases. In the event of a market discount on the payment date for any Dividend, the Plan Agent will have until the last business day before the next date on which the Common Shares trade on an “ex-dividend” basis or 30 days after the payment date for such Dividend, whichever is sooner (the “Last Purchase Date”), to invest the Dividend amount in Common Shares acquired in Open-Market Purchases.

It is contemplated that the Fund will pay quarterly income Dividends. Therefore, the period during which Open-Market Purchases can be made will exist only from the payment date of each Dividend through the date before the next “ex-dividend” date, which typically will be approximately ten days.

If, before the Plan Agent has completed its Open-Market Purchases, the market price per common share exceeds the net asset value per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the net asset value of the Common Shares, resulting in the acquisition of fewer Common Shares than if the Dividend had been paid in Newly Issued Common Shares on the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Agent is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making Open-

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Market Purchases and will invest the un-invested portion of the Dividend amount in Newly Issued Common Shares at the net asset value per common share at the close of business on the Last Purchase Date provided that, if the net asset value is less than or equal to 95% of the then current market price per Common Share, the dollar amount of the Dividend will be divided by 95% of the market price on the payment date.

The Plan Agent maintains all shareholders’ accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common Shares in the account of each Plan participant will be held by the Plan Agent on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Agent will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

In the case of shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder’s name and held for the account of beneficial owners who participate in the Plan.

There will be no brokerage charges with respect to Common Shares issued directly by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred in connection with Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. Participants that request a partial or full sale of shares through the Plan Agent are subject to a $15.00 sales fee and a $0.10 per share brokerage commission on purchases or sales, and may be subject to certain other service charges.

The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

All questions concerning the Plan should be directed to the Fund’s Shareholder Service Department at (800) 992-0180.

KEY FINANCIAL DATES — CALENDAR 2007 DIVIDENDS:

DECLARATION		EX-DIVIDEND		PAYABLE
DATE		DATE		DATE
March 23, 2007		April 2, 2007		April 16, 2007
June 22, 2007		July 2, 2007		July 16, 2007
September 21, 2007		October 1, 2007		October 15, 2007
December 21, 2007		December 27, 2007		January 15, 2008

Record date will be two business days after each Ex-Dividend Date. These dates are subject to change.

Stock Data

The Fund’s common shares are traded on the NYSE (Symbol: IGA).

Repurchase of Securities by Closed-End Companies

In accordance with Section 23(c) of the 1940 Act, and Rule 23c-1 under the 1940 Act the Fund may from time to time purchase shares of beneficial interest of the Fund in the open market, in privately negotiated transactions and/or purchase shares to correct erroneous transactions.

Number of Shareholders

The approximate number of record holders of Common Stock as of August 31, 2007 was 16,223, which does not include beneficial owners of shares held in the name of brokers of other nominees.

Certifications

In accordance with Section 303A.12 (a) of the New York Stock Exchange Listed Company Manual, the Fund’s CEO submitted the Annual CEO Certification on August 3, 2007 certifying that he was not aware, as of that date, of any violation by the Fund of the NYSE’s Corporate governance listing standards. In addition, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and related SEC rules, the Fund’s principal executive and financial officers have made quarterly certifications, included in filings with the SEC on Forms N-CSR and N-Q, relating to, among other things, the Fund’s disclosure controls and procedures and internal controls over financial reporting.

29

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Administrator

Distributor

Transfer Agent

Custodian

Legal Counsel

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	PRSAR-UIGA          (0807-102007)

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Table of Contents

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Table of Contents

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Table of Contents